Letters & Opinion

Is there any good news in our world today?

“Leadership is about empathy. It is about having the ability to relate and to connect with people for the purpose of inspiring and empowering their lives.” Oprah

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Harris at Large by Edward Harris

Some may say that it is all doom and gloom, while others may tend to differ. It is all about your perspective in life. Some influencers may even go as far as to recommend that we stop listening to the news. Shut out the world and focus on your space. There is a time and a season for everything under the heavens. We must learn to ride out the rough periods in our lives. It is said that when the going gets rough the rough gets going. The challenge in life is to live above the fray. It is not always sunshine, nor always rain. Take life in its strides. Enjoy the ride!

I hope that I have set the stage for at least one of the bad news this week. OPEC has voted to reduce production by two million barrels per day which is very likely to send oil prices up once again. It is hoped that when OPEC meets in December there will be a decision to increase production rather than cut it. This is simply a power struggle, with OPEC standing up against the USA. Russia does have friends. In the meantime, President Biden is caught in a situation where he has to ensure that there is no increase in the price of gasoline at home before the midterm elections, due in a month’s time.

The real estate market is being hit hard with low inventory, high prices, and high residential mortgage rates, averaging 6.89 percent. (Nerdwallet). It is getting crazy. Is this a good time to buy a property? Any time is a good time to buy property; it depends on your needs. With cash in hand, you can always make a deal. Cash is King!

Prime Minister, Liz Truss, instead of raising taxes had to cut taxes as she sought to boost the country’s faltering economic growth. Finance Minister, Kwasi Kwarteng speaking in the House of Commons said that the government wanted a “new approach for a new era focused on growth” and was targeting a medium term 2.5% trend rate in economic growth. He also said that “we believe high taxes reduce incentives to work, deter investment and hinder enterprise”. As a result, the planned rise in corporation tax to 25% was cancelled, keeping it at 19%, the lowest rate in the G-20. A number of other taxes were adjusted or scrapped. It is hoped that the Pound will regain some ground after the plunge it took when increased taxes were announced.

These are challenging times when nothing, except change is constant. We are sometimes helpless. Most pundits fail to deliver on their predictions. While first world countries are dealing with crisis after crisis, we in the developing world must learn to adapt. There will be less financial assistance to governments and budget support will lag behind. Cash flow will suffer and the economy will be sluggish. GDP will decline. The struggle goes on. Have we been in this position before? Will it get worse before it gets better? It is my opinion with the looming unrest in Asia, things are likely to get worse in the short term. The turbulence is not over yet. My advice to my readers is to challenge themselves to be more productive, stay on top of world developments, learn new skills, take on new ventures and keep busy.

It seems as though credit is becoming readily available in spite of the economic and financial challenges and more attractive in the USA. Wells Fargo Reflect® Card is challenging the competition with introductory incentives that will be a game changer with 0% intro APR on purchases & qualifying balance transfers for up to 21 months from account opening, Cell phone protection against damage or theft, $0 annual fee, Regular APR 15.99 – 27.99% (variable). When will we in this part of the world enjoy such considerations?

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Have a blessed weekend. Stay safe!

Edward Harris
Freelance Journalist/Realtor/Business Consultant
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Email: eaharrisdestiny@gmail.com
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